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Goods and Service Tax popularly depicted as GST has so much to accomplish even in its starting stages, as the taxation regime has given various hints to the government and the nation that being a financial structure, it also demands to be taken into consideration from official papers to the lowest levels of road structure.
GST is a revolutionary step in the indirect taxing regime, the most awaited Goods and Services Tax bill got the assent of President on the 08th day of September 2016 and became the Act. GST will be a single window for all Indirect taxes as it will subsume majority of the indirect taxes. GST is the thing which will reshape the Indirect tax structure and impact of it will be seen on its stakeholders. It is expected that it will increase the GDP by 2%.
Goods and services tax has now started showing off some of its benefits in the sectors where it encountered hurdles before. In the same direction, GST would be giving a relaxation over the process of PAN India auction which has been recently introduced by Tea Board in June this year.
Flipkart, the e-commerce giant has been trying its hands over understanding the new tax reform and has started practicing way ahead of the actual GST roll out. The company has started following the GST guidlines and seems quite keen towards doing business with ease under the new tax reform. As this is a positive step taken by the e-commerce company, this will also give some helpful hint to other similar players in the market to start the practice in-order to prepare for the GST regime.
Infosys CEO Vishal Sikka explains GST rollout as a challenging task and acknowledged the preparedness as not up to the mark but it can be possible if the time is utilized wisely before the deadline April 2017.
As the Government is working on the 4-slab rate, somehow the Government would be synchronizing current exemptions schemes with upcoming GST regime as for some better reason and has declared that it would be that it is pro-poor with 50 percent of essential goods and services exempted from any tax.
The GST regime is likely to witness the entry of the petroleum products, including crude. The step has been taken to put down the inflation pressure under control after a deep thought over the said consequences.
The implementation of GST in the country creates a menace in the cement industry. GST council decided on a heavy tax rate on the cement industry of 28 per cent which seems to overburden the sector with already prevailing tax entities and developing areas in the urbanization. Prominent cement manufacturers, such as Ultratech, JK Cement, […]
With the formation of the GST council on Monday, we are witnessing how the Government is working keenly towards achieving the deadline of GST which is April 1, 2016. Meanwhile, India Inc believes that the proposed deadline is insufficient and seeks more time for the implementation of GST across the country. The Govt. already cleared another milestone by forming the GST council and the Union cabinet led by Prime Minister Narendra Modi decided that the GST council office will be based out in Delhi.
